The May foreclosure list includes several restaurants and a handful of office buildings, George Roddy, president of Dallas-based Foreclosure Listing Service Inc., tells GlobeSt.com. A year ago, there had been 51 commercial properties posted with foreclosure notices in May. This year, there are 122. About half of the posted properties actually end up in foreclosure proceedings.
None of the posted office buildings are class-A structures, but some are situated in prime areas. "It's too early to call it a trend," Roddy says. "It could be a fluke."
One office building, totaling 67,000 sf, is positioned along the Dallas Parkway while a 27,000-sf structure is along Spring Valley Road. Both are high-demand areas. "It's kind of a quasi-warning sign. It's not gloom and doom, but if it continues we may be in for a little rough ride," he assesses of the change from last year's locations.
One of the more unusual properties to make the May list is the Q500 Center, a 511,000-sf fortress-type building west of Ft. Worth and practically on the line between Tarrant and Parker counties. The owner of record is Q500 LP. The property carries an assessed value of $23 million, according to Roddy.
The four-story structure, built in 1991, is situated at 101 Academy Blvd. on 65 acres, off Interstate 820 west and near its intersection with White Settlement Road. Property descriptions categorize the structure as a high-tech fortress for critical operations. The steel-lined structure meets high-security classification and catastrophic standards.Q500 Center is listed on the Trammell Crow Co. Web site as being for lease as a state-of-the-art data center for critical operations. It is, in fact, a US defense research facility that offers high-security facilities for businesses, organizations and government. According to the Tarrant County Appraisal District, Q500 houses CSC Outsourcing, based in El Segundo, CA; Lockheed Martin Tactical Aircraft Systems of Ft. Worth; and Q500. Public record also lists two prior owners, General Dynamics Corp. and Lockheed Corp.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
